Learning Goals.docx - Week 1 In this introductory week we...

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Week 1: In this introductory week, we will look at two important applications of mathematics in economics and finance. The first is an optimization problem involving revenue, costs, and profit. The second will be focus around (continuously) compounded interest. The natural exponential and logarithm functions as these are extremely important in this course. Some discussion will be done in class, but students may need to review their high school notes. The specific learning goals for this week are that by the end of the week and review homework, you should be able to: 1 explain revenue, costs, and profit for the case of a "simple business problem". You should be able to set up and solve a simple problem involving maximizing revenue and profit arising from a linear demand curve. 2 explain the difference between simple interest and compound interest. 3 explain the difference between nominal rate, effective rate, and continuous rate. You should be able to convert equivalent rates. 4 solve problems involving (continuously) compounded interest. Students should also review their highschool notes and be able to: explain what an exponential function is. You should know the basic properties of exponential functions. You should be able to graph exponential functions. You should be able to solve basic equations involving exponential functions.
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